Speaking at a Budget briefing for local business leaders at the Sussex County Cricket ground, Stuart Noakes, Head of Tax at Carpenter Box, said the Budget was “big on spending, big on tax and big on borrowing.”

He said that while employment allowances would increase for the smallest employers, those business owners impacted by higher NI rates from April 2025 might want to consider offering their staff options beyond the scope of NI, such as electric vehicle packages, cycle to work schemes or higher pension contributions.

“My message to employers is to think creatively about how they can remunerate employees by providing valuable workplace benefits which at the same time help mitigate the costs associated with the NI changes,” said Stuart.

Stuart was speaking alongside Roy Thompson, Partner at Carpenter Box Financial Advisers.

Roy Thompson said the widening of the scope of inheritance tax from April 2027 to include defined contribution pension schemes, would likely encourage families to adopt more of a group approach to asset and wealth planning, sharing information and looking to redistribute money down the family tree. The Budget announcements will also encourage individuals to seek alternative investment vehicles offering tax advantages. This may include the use of Trusts and investment in assets that qualify for inheritance tax exemptions.

For further information about the Budget impact on businesses and individuals, visit the Carpenter Box Budget Hub -  https://www.carpenterbox.com/budget-hub

Photo (l-r): Stuart Noakes (Carpenter Box) and Roy Thompson (Carpenter Box Financial Advisers).